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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Rental income - earlier assessee was showing the income as house ...

Income Tax

September 19, 2015

Rental income - earlier assessee was showing the income as house property income - this year the income was shown as business income - claim of deduction of amount paid to tenant for vacating the property allowed - HC

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  2. Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

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  4. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

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  6. Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

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